How do you model something that looks wrinkled or crumpled?
Create the text

Create a black and white image of your text in a software of your choice (Gimp, Krita, ...)
Make sure your render engine is set to cycles, then use the add-on &quot;Import images as planes&quot; to bring the image of your text into blender. If you don't see this option in your import dialogue, activate the add-on in the user preferences add-on panel. (It ships with blender, but it is initially deactivated)
Change the shader the add-on created on import to the setup shown in my screenshot. This will blend a diffuse white shader with a transparent shader based on your text
Subdivide your image a couple of times, you will need the extra geometry for the cloth simulation. Simulations work best with square faces, first use loop cuts ctrlr to shorten the long side of the text, then use subdivide w to create more geometry


Simulate the wrinkles

in object mode, translate your image object a little on the z-axis, to make some room for the collision objects
create a ground plane and several cubes where your wrinkles should be
in the physics tab of your ground plane and the cubes, choose &quot;Collision&quot;
in the physics tab of your image, choose &quot;Cloth&quot;
run the simulation alta, play around with the cloth settings and the position and scaling of the collision objects to find the wrinkles you like


Render your result

add a camera and a sun-lamp to your scene, position them to your liking
move the collision objects to another layer, so they won't appear in the final render, but remain in the scene in case you want to resimulate
make sure your image plane is set to shade smooth
to recreate the effect of your reference image, I changed the background color to black and rotated the sun lamp to a very steep angle. I also increased the size of the sun to 1, to get the smooth shadows